On November 17, Turing, a Japanese startup specializing in autonomous driving technology, recently wrapped up a funding round, amassing approximately JPY 15.3 billion (equivalent to roughly USD 99 million). Among its investors is Denso, a key supplier to Toyota Motor, underscoring the robust market enthusiasm for its cutting-edge artificial intelligence technology.
As per sources privy to the details, following its Series A funding, Turing's valuation has skyrocketed, nearly quadrupling compared to the previous year, now standing at approximately USD 388 million.
In a statement released on Monday, the company disclosed that this funding round encompasses a syndicated loan worth JPY 5.5 billion.
Turing was founded by the esteemed Japanese AI developer Kazuki Yamamoto. He rose to prominence in 2017 when his algorithm triumphed over Japan's top-ranked shogi (Japanese chess) player. Turing's mission is to create a fully autonomous vehicle system.
Established in 2021, this startup currently boasts a workforce of around 85 individuals, predominantly engineers.
In an interview, Yamamoto remarked, "The real hurdle lies in technological advancement, not in devising business models. Companies such as Denso have conveyed that once the technology reaches maturity, they will wholeheartedly back mass production."